The headline of this post is misleading since, of course, Mark Zuckerberg and his wife, Priscilla Chan, have not set up a foundation.

Rather, Zuckerberg has put money into a donor-advised fund at the Silicon Valley Community Foundation and also created a supporting organization of SVCF called Startup:Education, which is the outfit through which Zuckerberg and Chan do their giving, including their recent big gift for Bay Area schools. It has a staff of four people.

Do some quick math and you'll see that Zuckerberg's donations to SVCF are now worth $2.7 billion, assuming that the stock wasn't sold after it went to the foundation. We can't be sure of that, but for a bunch of reasons, it's a good bet that the pile of shares Zuckerberg donated stands largely intact in a donor-advised fund, although some shares have probably been liquidated to meet the giving commitments that Zuckerberg and Chan have made.

In all, $2.5 billion is a solid educated guess about the current value of the couple's philanthropic assets.

If Zuckerberg and Chan had this money sitting in a typical foundation, it would rank among the top 30 foundations in the United States—bigger than places like Mott, Knight, Carnegie, and Hilton.

All of which underscores a point we make often here at IP: The philanthropic pecking order is changing, and fast. When the wealth of an august foundation like Carnegie can be bypassed in the span of just two years by the donor-advised fund of a twentysomething techie, you know you're living in interesting philanthropic times.

On a more practical note, it may be time to start treating Startup:Education as a major grantmaker, albeit one still largely in waiting since it doesn't accept unsolicited proposals or offer any guidance to grantseekers.